Goldman’s CEO addresses minor bankers ’complaints after the survey goes viral

Goldman Sachs CEO David Solomon responded to minor bankers ’complaints about increased workloads in a message to employees, following the results of an internal survey in which an employee described the conditions as“ inhumane ”.

“Let me tell everyone, and in particular our analysts and associates: we recognize that people who work today face a new set of challenges,” Solomon said in a voice note to Goldman employees on Sunday in the evening.

“In this world of remote work, it seems like we need to be connected 24/7,” he said. “We see it all, your colleagues, your managers and our division leaders. We are here to provide you with support and guidance. This is not easy and we are working hard to improve it.”

The survey, conducted by a group of first-year analysts and first reported by CNBC, featured employees watching the exhaustion of 100-hour workweeks and demanding bosses during a boom in business-driven operations. special purpose acquisition or SPAC.

SPACs raise capital in an initial public offering and use the proceeds to reclaim a private company and make it public.

Goldman Sachs previously instituted a policy that sought to protect weekends, where junior bankers were not expected to be in the office from Friday night until Sunday morning.

Amid allegations of the firm’s overwhelming workload, Solomon reiterated Goldman’s commitment to protected Saturdays and pledged to take “additional action”.

“We are strengthening the application of Saturday’s rule. We are accelerating our efforts to hire new junior bankers in investment banking. … We are also being more selective about the business opportunities we pursue and working to automate certain tasks. of our business, ”Solomon said, according to a transcript of the voice note reviewed by CNBC.

The survey was conducted after a group of disgruntled analysts came together, according to people who knew the subject.

The discord originated in the bank’s technology, media and telecommunications team, a marquee group that has been at the center of SPAC’s IPO storm, according to people.

Solomon said the bank aims to be a “workplace where people can share concerns freely,” before adding that more workload is “good news,” as it is an opportunity to work with our customers in so many interesting things right now. “

“In the coming months, there will be times when we will feel more stretched than others, but remember: if we all make an extra effort for our customer, even when we think we have reached our limit, we can really make a difference in the our performance, ”Solomon added.